Investments worth up to EGP 600m are to be injected into a medical hospital project in Egypt, according to a statement by Sheikh Mohammed Al-Rajhi, Chairman of the Saudi-Egyptian Businessmen Association (SEBA).

The official announcement of the project, which the statement described will be “the largest medical project”, will be made on 31 January in the second annual ceremony held by SEBA.

The announced information regarding the new project only revealed that it will be a medical hospital with 100 rooms.

The SEBA ceremony is expected to host more than 500 investors and businessmen from Egypt and the GCC.

Al-Rajhi further indicated that a series of important investment agreements for the Egyptian market will be signed in the ceremony.

SEBA Secretary General Ahmed Sabry Darwish told Daily News Egypt that the signing of the medical project’s investment agreement is expected to be on the day of the ceremony.

He did not, however, provide further information regarding the other parties who will be involved in the agreement and other general information related to the project. He added that the information will be disclosed a week from now.

Saudi Arabia has been a strong backer of Egypt since the ouster of former president Mohamed Morsi in July 2013.

The Gulf kingdom stated earlier in 2014 that it would provide Egypt with grants, deposits and petroleum products worth $5bn. The Saudi aid was divided into $1bn cash, a five-year $2bn interest free deposit at the CBE, and $2bn in the form of petroleum products.

Further in late 2014 it was announced by SEBA that a Saudi company will invest approximately EGP 2bn in the Egyptian global logistics project. In the same month, Egyptian Prime Minister Ibrahim Mehleb disclosed that his government signed three agreements with Saudi Arabia in which the latter provides $350m for electricity projects and commodity exports to Egypt.